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Financial Instruments (Tables) | 3 Months Ended
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Oct. 27, 2024
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule Of The Fair Value Of Derivative Instruments [Table Text Block] | The following table summarizes the fair value of derivative instruments on a gross basis as recorded in the Consolidated Balance Sheets as of October 27, 2024, and July 28, 2024:
(Millions) | Balance Sheet Classification |  | October 27, 2024 |  | July 28, 2024
Asset Derivatives |  |  |  |  |
Derivatives designated as hedges: |  |  |  |  |
Foreign exchange contracts | Other current assets |  | $ | 2 |  |  | $ | 2 |
Total derivatives designated as hedges |  |  | $ | 2 |  |  | $ | 2 |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Other current assets |  | $ | 3 |  |  | $ | 6 |
Deferred compensation contracts | Other current assets |  | 1 |  |  | 3 |
Foreign exchange contracts | Other current assets |  | 1 |  |  | — |
Total derivatives not designated as hedges |  |  | $ | 5 |  |  | $ | 9 |
Total asset derivatives |  |  | $ | 7 |  |  | $ | 11 |
(Millions) | Balance Sheet Classification |  | October 27, 2024 |  | July 28, 2024
Liability Derivatives |  |  |  |  |
Derivatives not designated as hedges: |  |  |  |  |
Commodity contracts | Accrued liabilities |  | $ | 10 |  |  | $ | 16 |
Foreign exchange contracts | Accrued liabilities |  | 1 |  |  | — |
Total derivatives not designated as hedges |  |  | $ | 11 |  |  | $ | 16 |
Total liability derivatives |  |  | $ | 11 |  |  | $ | 16 |
Schedule of Offsetting Assets [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of October 27, 2024, and July 28, 2024, would be adjusted as detailed in the following table:
|  | October 27, 2024 |  | July 28, 2024
(Millions) |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount
Total asset derivatives |  | $ | 7 |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |
Total liability derivatives |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 15 |
Schedule of Offsetting Liabilities [Table Text Block] | We do not offset the fair values of derivative assets and liabilities executed with the same counterparty that are generally subject to enforceable netting agreements. However, if we were to offset and record the asset and liability balances of derivatives on a net basis, the amounts presented in the Consolidated Balance Sheets as of October 27, 2024, and July 28, 2024, would be adjusted as detailed in the following table:
|  | October 27, 2024 |  | July 28, 2024
(Millions) |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount |  | Gross Amounts Presented in the Consolidated Balance Sheet |  | Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements |  | Net Amount
Total asset derivatives |  | $ | 7 |  |  | $ | (1) |  |  | $ | 6 |  |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |
Total liability derivatives |  | $ | 11 |  |  | $ | (1) |  |  | $ | 10 |  |  | $ | 16 |  |  | $ | (1) |  |  | $ | 15 |
Schedule Of Changes In Cash-Flow Hedges In Other Comprehensive Income (Loss) [Table Text Block] | The following table shows the effect of our derivative instruments designated as cash-flow hedges in other comprehensive income (loss) (OCI) and the Consolidated Statements of Earnings:
|  |  | Total Cash-Flow Hedge OCI Activity |
(Millions) |  |  | October 27, 2024 |  | October 29, 2023 |
Three Months Ended |  |  |  |  |  |
OCI derivative gain (loss) at beginning of quarter |  |  | $ | (11) |  |  | $ | (5) |  |
Effective portion of changes in fair value recognized in OCI: |  |  |  |  |  |
Foreign exchange contracts |  |  | — |  |  | 5 |  |
Forward starting interest rate swaps |  |  | — |  |  | 3 |  |
Amount of loss (gain) reclassified from OCI to earnings: | Location in Earnings |  |  |  |  |
Forward starting interest rate swaps | Interest expense |  | 1 |  |  | — |  |
OCI derivative gain (loss) at end of quarter |  |  | $ | (10) |  |  | $ | 3 |  |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table shows the total amounts of line items presented in the Consolidated Statements of Earnings, in which the effects of derivative instruments designated as cash-flow hedges are recorded and the total effect of hedge activity on these line items:
|  |  |  |  |  |  |  | Three Months Ended
|  |  |  |  |  |  |  | October 27, 2024 |  |  |  |  |  |  |  | October 29, 2023
(Millions) |  |  |  |  |  |  |  | Interest expense |  |  |  |  |  |  |  | Interest expense
Consolidated Statements of Earnings: |  |  |  |  |  |  |  | $ | 87 |  |  |  |  |  |  |  |  | $ | 49 |
Loss (gain) on cash-flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount of loss (gain) reclassified from OCI to earnings |  |  |  |  |  |  |  | $ | 1 |  |  |  |  |  |  |  |  | $ | — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | The following table shows the effects of our derivative instruments not designated as hedges in the Consolidated Statements of Earnings:
|  | Location of Loss (Gain) Recognized in Earnings |  | Three Months Ended |  |
(Millions) |  |  | October 27, 2024 |  | October 29, 2023 |  |  |  |
Foreign exchange contracts |  | Cost of products sold |  | $ | — |  |  | $ | (1) |  |  |  |  |
Commodity contracts |  | Cost of products sold |  | (4) |  |  | 12 |  |  |  |  |
Deferred compensation contracts |  | Administrative expenses |  | (3) |  |  | 4 |  |  |  |  |
Total |  |  |  | $ | (7) |  |  | $ | 15 |  |  |  |  |

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